Eterbase recovers $1M worth of hacked MATIC from ChangeNOW exchange

• Unmanaged platform freezes MATIC tokens for a year
• I recently contacted Eterbase and returned the coins collected prior to cryptocurrency exchanges such as Binance and HitBTC.
• Mike Ermolaev, PR Head of Change NOW, said the returned funds will help Eterbase survive.
• MATIC was trading at around $ 0.02 at the time of the hack, but is currently priced at around $ 1.73.

Change NOW ran successfully Came back About $ 1 million of MATIC coins that were part of a stash of coins stolen from the crypto exchange Eterbase in 2020.

This was Eterbase’s first such recovery, hacked with about $ 5.4 million worth of cryptocurrencies, and the unfortunate event of a platform file bankruptcy in October this year.

When was Eterbase hacked?

On September 7, 2020, Eterbase was hit by a security breach and the exchange lost more than $ 5.4 million different cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Polygon (MATIC).

On September 8th, Change NOW suspended swap transactions containing 600,000 MATIC. The exchange quickly froze because it originated from a blacklisted address flagged by the platform’s AML system.

Funds remain frozen in Change NOW, and the platform is awaiting formal claims from the owner of the compromised wallet.

In accordance with ChangeNOW’s Terms of Service, the petitioner has up to one year to request the release of the blocked asset. However, on the surface, Eterbase was unable to initiate a request for the return of funds and urged Change NOW to contact the exchange.

Further cooperation between the crypto platform and Slovak police stole 600,000 MATICs during a cyberattack that returned last Friday.

Cryptography needs such support and trust

At the time of the hack, MATIC was trading at about $ 0.02 per unit. This means that the collected coins are worth about $ 1 million at the current price of $ 1.73. That’s almost 90 times the cost of a coin in September 2020, which is $ 10,950.

Mike Ermolaev, PR Head of Change NOW, said collecting funds could prove to be essential to the survival of Eterbase.

“We hope that the recovery of Eterbase’s stolen cryptocurrencies will help exchanges survive difficult times. We will also strengthen things to Binance, HitBTC, Huobi, etc. and Eterbase the stolen cryptocurrencies. I request you to return it to. ” El Moraev told the coin journal..

In 2019, Change NOW helped recover up to 500,000 XRP stolen from GateHub, and in October this year returned $ 15 million worth of COMP that was accidentally distributed to compound finance users during a system malfunction. I did.

According to Ermolaev, crypto space needs such cooperation and support, which is important for improving the sector, he said.

“Cryptography is a forever powerful tool. And we are in the industry to improve the world of cryptography. This can only be achieved through mutual support, trust and fairness.” El Moraev observed..